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Term insurance plans are the type of life insurance policies where you receive coverage for a fixed ‘tenure’ of your life in return for a reasonable, fixed premium amount. It is one of the simplest and most economical ways of ensuring that your family members have sufficient backup, in case of an unfortunate event. A Rs. 30 lakh term insurance plan supports in creating a financial cushion for your loved ones. Under term insurance with a sum assured of Rs. 30 lakhs, the nominee gets a death benefit equivalent to Rs. 30 lakhs in case of the life assured’s demise. A term insurance fpr 30 lakhs policy can help you ensure the financial security of your dependents in case of your absence.
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Term insurance policies are relatively the most inexpensive life insurance policy as they provide large coverage against comparatively low premiums. This is the reason term plans are purely based on risk. This simply means that the whole sum paid by the life assured as a premium amount is kept in reserve for payouts when the policy is claimed. In case of policy expiration or maturing while the life assured is still surviving, there is no death benefit paid. Most of the term insurance plans also provide a specific payout in case of partial or permanent disability because of the accident or critical illness.
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
Term Plans
A 30 lakh term insurance is a term plan with a sum assured of Rs. 30 lakhs, which is offered to the nominee as a death payout during an unpredictable death of the policyholder during the policy tenure. These policies offer a high cover for a very low premium, ensuring long-term financial protection for the policyholder and his/her dear ones in emergency conditions. High sum assured such as Rs. 30 lakhs help your dependents meet their daily expenses and financial objectives even in your absence.
Following is a list of the best 5 term insurance for 30 lakhs with a sum assured of Rs. 30 lakhs.
| Plan Name | Entry Age (Min-Max) | Maturity Age (Max.) | Policy Term (in years) | Sum Assured (Min.) | Premium Payment Mode | Premium Payment Term |
| Max Life Smart Secure Plus | 18 years -65 years | 85 years | 10 years -67 years | 20 lakh | Annual/Semi-Annual/Quarterly/Monthly | Single/Regular/ Limited Pay/Pay till 60 |
| Aegon I Term | 18-65 years | 100 years | 5 years-82 years | 25 lakh | Single/Annual/Semi-Annual/Monthly mode | Single/Regular/Limited Pay |
| ABSI Life Shield | 18 years -65 years | 85 years | 10 years-55 years | 25 lakh | Annual/Semi-Annual, Quarterly/Monthly | Single/Regular/Limited Pay |
| PNB MetLife Mera Term | 18 years -65 years | 99 years | 10 years -81 years | 10 lakh | Annual & Monthly | Single/Regular/Limited Pay |
| Kotak e-Term Plan | 18 years -65 years | 75 years | 5 years -75 years | 25 lakh | Single/Half-yearly/Quarterly/Monthly mode | Regular/ Limited/Single Pay |
Note: The above-mentioned details of the plan may vary as per the variant of the plan chosen.
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There are a number of reasons why one should opt for a term insurance for 30 lakhs term insurance policy at different stages of their life:
Most self-employed and salaried individuals start their careers in their 20s and generally do not have many responsibilities. Some individuals may have to return their education loans, support their loved ones, or have other liabilities. For example, 30 lakh term insurance provides financial safety against education loans taken out by their parents for their higher education plans and prevent them from any financial difficulties.
Purchasing a 30 lakh term insurance policy in your 30s can help you meet your life objectives. In case of your unforeseen death, having a term insurance for 30 lakhs will help your loved ones face the burden of debts, loans, and other monetary responsibilities.
In the 40s, you may have paid back most of your loans and debts such as home loans, vehicles, and education loans. But there are other responsibilities as well such as planning for retirement or taking care of medical bills. In order to achieve financial needs, you require comprehensive financial protection in the form of 30 lakh term insurance cover.
The premium amount rises with the age of the life assured. So it is always advisable to buy a term plan at an early age. An individual having a regular income source and financial dependents must consider buying a 30 lakh term insurance plan. Parents, unemployed, married and unmarried people, self-employed, retired people, in simple words, who are taxpayers and also create a financially safe future for their dear ones from the unpredictabilities of life.
In order to evaluate the premium amount of the 30 lakh term insurance plan, you can use the term insurance premium calculator.
Here is a basic formula with that you can easily find if term insurance for 30 lakhs cover is sufficient for you or not.
Sum assured of 30 lakh term insurance plan = [Lifelong expenses of the family (yearly expenses till your retirement age) + Expenses on future objectives + Loans/Debts] – Saving
High coverage at low premium rates
Get a high amount of term coverage by paying the inexpensive amount of premium
Protect your loved ones from debts, loans, and liabilities
Term plan helps you and your loved ones to pay back all your debts, loans, and liabilities in case of your unforeseen demise
Buy Early and save more
The amounts of premium are lesser at early ages as compared to the older person having pre-existing illnesses
Whole life protection
Additional benefits such as waiver of premium, critical illness, and income in case of a disability protect you against income loss risks.
Tax saving benefits up to Rs. 46800
Get tax benefit on premiums paid as per the prevailing laws of ITA, 1961.
Committed Customer Support
Dedicated customer assistance team that provides a seamless experience for customer’s complaints
Hassle-free issuance of policy
The policy is issued within a couple of minutes without any hassle
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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